Group 1: Report Overview - Report Name: Copper Futures Daily Report [1] - Date: October 13, 2025 [2] - Researcher: Zhang Ping, Yu Feifei, Peng Jinglin [3][4] Group 2: Investment Rating - The report does not mention the industry investment rating. Group 3: Core View - The copper market is in a context of mine - end production cuts spreading to the smelting end. Short - term domestic demand is suppressed by high copper prices. The previous highs are expected to still suppress copper prices in the short term, but considering the continuous capital enthusiasm and long - term favorable factors in fundamentals and macro - aspects, copper prices are expected to oscillate and consolidate at high levels [10]. Group 4: Market Review and Operation Suggestions - Market Performance: Both Shanghai copper and LME copper reached near previous highs and then fell back. Shanghai copper's total open interest increased by 13,557 lots. The contango structure of the nearby contracts narrowed. Spot copper prices rose by 940 to 86,680, and the spot premium rose by 5 to 20. The domestic - to - overseas price ratio dropped below 8, and the spot import loss exceeded 1,000 yuan [10]. - Market Outlook: Short - term price suppression from previous highs exists, but with continuous capital enthusiasm and long - term favorable factors, copper prices will oscillate at high levels [10]. Group 5: Industry News - Codelco's copper production in August dropped to 93,400 tons due to an accident at the El Teniente mine, which then stopped production [11]. - Zijin Copper's 200,000 - ton/year cathode copper expansion project entered the environmental assessment acceptance publicity stage. The Kamoa - Kakula project in Africa is about to be put into operation, and Zijin Copper plans to import anode plates from it [11]. - About 6.4 million tons of copper production capacity is stagnant or suspended due to ESG issues, equivalent to over 25% of global mineral production [11].

Group 1: Report Information - Report Type: Aluminum Daily Report [1] - Date: October 13, 2025 [2] - Research Team: Non - ferrous Metals Research Team [3] - Researchers: Yu Feifei, Zhang Ping, Peng Jinglin [3] Group 2: Investment Rating - No investment rating information provided Group 3: Core Viewpoints - The Shanghai Aluminum contract showed a pattern of rising and then falling. The main contract reached a high of 21,200, then dropped to 20,980 at the end of the session, a 0.12% decline from the previous day. The 10 - 11 spread turned to flat, and the import window closed. The spot import loss widened to around - 2,400 yuan/ton. The aluminum price is expected to oscillate strongly, but be cautious about chasing high prices due to the short - term suppression of downstream consumption by high prices [9] - The supply of northern bauxite is tight with relatively strong prices, while other regions remain stable. The resumption of some mines in Guinea puts pressure on imported bauxite prices. Alumina prices are falling, hovering around 2,850. The fundamentals are significantly oversupplied. Attention should be paid to the possible production cuts and maintenance of high - cost enterprises due to price drops [9] - Cast aluminum alloy follows the trend of Shanghai Aluminum and is expected to oscillate strongly during the traditional peak season. In October, the domestic operating capacity of electrolytic aluminum remains unchanged at a high level, and the Indonesian aluminum plant has been successfully put into operation, slightly increasing the overall supply. Demand is in the peak season. Although the actual performance of the terminal is poor, with the loose overseas liquidity and the increasing expectation of domestic stimulus policies, the aluminum price is expected to oscillate strongly [9] Group 4: Market Review and Operation Suggestions - **Market Performance**: The Shanghai Aluminum main contract reached a high of 21,200 and then dropped to 20,980 at the end of the session, a 0.12% decline from the previous day. The 10 - 11 spread turned to flat, and the import window closed. The spot import loss widened to around - 2,400 yuan/ton [9] - **Fundamentals**: Northern bauxite supply is tight, and the resumption of some mines in Guinea affects imported bauxite prices. Alumina prices are falling due to oversupply. Cast aluminum alloy is in the peak season and is expected to oscillate strongly. The domestic operating capacity of electrolytic aluminum remains high, and the Indonesian plant's operation increases supply. Demand is in the peak season, and the aluminum price is expected to oscillate strongly, but be cautious about chasing high prices [9] Group 5: Industry News - A cooperation agreement on the management, operation, and maintenance of the mining road on the Darbilon Line was signed on October 3, 2025. Six mining companies in the Boké administrative region participated. The agreement allows the sharing of dedicated roads for mineral transportation, reducing production costs and environmental and social risks, and is expected to increase bauxite mining by over 50 million tons [10][11] - Emirates Global Aluminium (EGA) is preparing for a potential IPO, with an estimated valuation of $10 - 15 billion. The IPO is expected to be one of the largest in the Middle East. Dubai and Abu Dhabi are competing for the listing location. EGA has overcome challenges such as US tariffs and plans to invest $4 billion in a smelter in Oklahoma [11] - The Japan Aluminum Can Recycling Association reported that the demand for aluminum cans in Japan in 2025 was about 2.091 billion, remaining the same as the previous year and staying at the 2 - billion - can level for 10 consecutive years [11]

Report Overview - Report Type: Iron Ore Daily Report [1] - Date: October 13, 2025 [2] - Research Team: Black Metal Research Team [3] 1. Report Industry Investment Rating - No relevant information provided 2. Report Core View - The negotiation between Sinomine Group and BHP may increase market risk aversion, and iron ore prices are strongly supported at the bottom. They are expected to consolidate at high levels in the near future. Attention should be paid to the recovery of downstream demand, which could boost iron ore prices if it recovers quickly [11] 3. Summary by Related Catalog 3.1 Market Review and Outlook 3.1.1 Market Review - On October 10, the main iron ore futures contract 2601 oscillated upward, opened higher and then oscillated, closing at 795 yuan/ton, up 1.02%. The main contract prices of other steel products also had different changes. For example, RB2601 closed at 3103 yuan/ton, up 0.52%; HC2601 closed at 3285 yuan/ton, up 0.37%; SS2512 closed at 12805 yuan/ton, down 0.12% [5][7] - In the spot market, on October 10, the main iron ore foreign market quotes rose by $1.5/ton compared with the previous trading day, and the prices of main-grade iron ore at Qingdao Port rose by 5 - 7 yuan/ton compared with the previous trading day [9] - Technically, the daily KDJ indicator of the iron ore 2601 contract showed a divergent trend, with the K and J values continuing to rise and the D value continuing to fall, showing a potential golden cross. The green bars of the daily MACD indicator of the iron ore 2601 contract narrowed for two consecutive trading days [9] 3.1.2 Outlook - There are reports that Sinomine Group has suspended purchasing imported iron ore produced by BHP priced in US dollars, and there are rumors that BHP has agreed to fulfill long - term contracts priced in RMB, but the news is unconfirmed, bringing some support to iron ore prices [10] - In terms of fundamentals, the shipments and arrivals from Australia and Brazil increased in September, possibly due to end - of - quarter volume surges. Considering the uncertainty of the negotiation results and the regular decline after the end of the volume surge, shipments and arrivals are expected to decline in October [11] - On the demand side, the daily average pig iron output is still at a relatively high level of over 2.4 million tons. Given the continuous narrowing of steel production profits, the growth space of output is limited, and it may oscillate at around 2.4 million tons in the short term [11] - In terms of inventory, steel mills increased their restocking efforts before the holiday, and the iron ore inventory of steel mills continued to grow. It is expected to gradually decline after the holiday, but the decline may not be significant in the short term due to the uncertainty of the negotiation between Sinomine Group and BHP [11] 3.2 Industry News - On the 10th, the Israeli government approved a cease - fire agreement in Gaza, which will end the war, release Israeli hostages and Palestinian prisoners, and allow humanitarian aid to enter the Gaza Strip [12] - Starting from October 14, 2025, the US will impose additional port service fees on Chinese - owned or - operated ships, Chinese - flagged ships, and Chinese - built ships. In response, China will collect special port fees on relevant US ships starting from the same date [12] 3.3 Data Overview - The report provides multiple data charts related to the iron ore and steel industries, including the prices of main iron ore varieties at Qingdao Port, the price differences between high - grade ore, low - grade ore and PB powder, the basis between iron ore spot and January contract at Qingdao Port, the shipments from Brazil and Australia, the arrivals at 45 ports, the domestic mine capacity utilization rate, the main port iron ore trading volume, the steel mill iron ore inventory available days, the imported sintered powder ore inventory, the port iron ore inventory and dispatch volume, the sample steel mill tax - free pig iron cost, the blast furnace and electric furnace operating rates and capacity utilization rates, the national daily average pig iron output, the apparent consumption of five major steel products, the weekly output of five major steel products, and the steel mill inventory of five major steel products [14][18][22][24][26][29][34][38][43]

行业 棉花 日期 2025 年 10 月 13 日 研究员：余兰兰 021-60635732 yulanlan@ccb.ccbfutures.com 期货从业资格号：F0301101 研究员：林贞磊 021-60635740 linzhenlei@ccb.ccbfutures.com 期货从业资格号：F3055047 研究员：王海峰 021-60635727 wanghaifeng@ccb.ccbfutures.com 期货从业资格号：F0230741 研究员：洪辰亮 021-60635572 hongchenliang@ccb.ccbfutures.com 期货从业资格号：F3076808 研究员：刘悠然 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 农产品研究团队 、 请阅读正文后的声明 ＃summary＃ 每日报告 一、行情回顾与操作建议 表1：行情回顾 | | 53 | 1 | RE 127 10 | ਦ 2 112 | 711 . 45 | 流污 | 张跃 TE | 7X | 19 | | | --- | --- | --- ...

行业 豆粕 日期 2025 年 10 月 13 日 021-60635732 yulanlan@ccb.ccbfutures.com 期货从业资格号：F0301101 021-60635740 linzhenlei@ccb.ccbfutures.co m期货从业资格号：F3055047 021-60635727 wanghaifeng@ccb.ccbfutures.c om期货从业资格号：F0230741 农产品研究团队 研究员：余兰兰 研究员：林贞磊 研究员：王海峰 研究员：洪辰亮 研究员：刘悠然 请阅读正文后的声明 ＃summary＃ 每日报告 | 表1：行情回顾 | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 合约 | 前结算价 | 开盘价 | 最高价 | 最低价 | 收盘价 | 涨跌 | 涨跌幅 | 成交量 | 持仓量 | 持仓量变化 | | 豆粕2601 | 2934 | 2938 | 2944 | 2903 | 2922 | -12 | -0.41% | 8723 ...

行业 鸡蛋 日期 2025 年 10 月 13 日 021-60635732 yulanlan@ccb.ccbfutures.com 期货从业资格号：F0301101 021-60635740 linzhenlei@ccb.ccbfutures.co m期货从业资格号：F3055047 请阅读正文后的声明 ＃summary＃ 每日报告 一、行情回顾与操作建议 | 表1：行情回顾 | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 合约 | 前结算价 | 开盘价 | 最高价 | 最低价 | 收盘价 | 涨跌 | 涨跌幅 | 成交量 | 持仓量 | 持仓量变化 | | 鸡蛋 | 2510 | 2676 | 2500 | 2659 | 2488 | 2599 | -77 | -2.88% | 331 229 | -86 | | | 鸡蛋 | 2511 | 2871 | 2870 | 2872 | 2805 | 2806 | -65 | -2.26% | 324190 ...

Report Information - Report Date: October 13, 2025 [2] - Report Industry: Oil and Fat [1] - Researcher Team: Agricultural Product Research Team [4] - Researchers: Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, Liu Youran [3] 1. Market Review and Operation Suggestions Market Review - East China's third-grade rapeseed oil: Spot price is OI2601 + 270, and from October to November it is OI2601 + 280. East China's first-grade rapeseed oil in October is OI2601 + 390. East China market's first-grade soybean oil basis prices vary by months. Guangdong traders' palm oil quotes are temporarily stable [7]. Core View - In the short term, the palm oil market may face technical adjustments due to a rapid price increase, with potential profit - taking and reduced buying demand, leading to a callback risk. The same situation applies to soybean oil and rapeseed oil. In the long term, Indonesia's plan to implement the mandatory B50 biodiesel program in the second half of 2026 may tighten palm oil supply and support prices. The oil and fat sector is dominated by long - position funds, and it is recommended to buy at low prices and roll long positions [8]. 2. Industry News - In September 2025, Malaysia's palm oil production was 1.8412 million tons, a 0.73% month - on - month decrease; imports were 78,400 tons, a 33.95% month - on - month increase; exports were 1.4276 million tons, a 7.69% month - on - month increase; and the end - of - month inventory was 2.361 million tons, a 7.2% month - on - month increase [9]. 3. Data Overview - The report presents various data charts including spot prices and basis changes of palm oil, soybean oil, and rapeseed oil, as well as exchange rate charts [13][14][28]

Group 1: Report Information - Report Title: Pulp Daily Report [1] - Date: October 13, 2025 [2] Group 2: Industry Investment Rating - No information provided Group 3: Core Views - Pulp futures contract 01 decreased by 0.59%, and the pulp market showed a low - level volatile adjustment. The downstream demand was weak, and the supply pressure of double - offset paper remained due to new capacity [7]. Group 4: Summary by Section 1. Market Review and Operation Suggestions - Pulp futures 01 contract: The previous settlement price was 5108 yuan/ton, and the closing price was 5078 yuan/ton, a decline of 0.59% [7]. - Shandong wood pulp market: The intended transaction price range of softwood pulp was 4810 - 6600 yuan/ton, up 10 yuan/ton from the previous trading day. The quotation of Shandong Yinxing was 5520 - 5550 yuan/ton [7]. - Arauco's September offer: Coniferous pulp Yinxing was 700 dollars/ton, down 20 dollars/ton from last month; natural pulp Venus was 590 dollars/ton, unchanged from last month; hardwood pulp Mingxing was 540 dollars/ton, up 20 dollars/ton from last month [7]. - August production and import data: The chemical pulp shipments of 20 major pulp - producing countries increased by 10.3% year - on - year. China's pulp import volume was 265.3 million tons, a month - on - month decrease of 7.9% and a year - on - year decrease of 5.6% [7]. - Inventory data: As of October 9, 2025, the weekly pulp inventory in major regions and ports decreased by 0.51% month - on - month [7]. - Downstream market: The enthusiasm of downstream paper mills to purchase pulp was low, and most maintained just - in - time purchases. The offer of double - offset paper still declined after the festival, and there was still supply pressure [7]. 2. Industry News - On October 10, the import of waste pulp attracted the attention of customs. Customs required importers to indicate the production process of recycled pulp in the customs declaration form from October 10, 2025 [8]. 3. Data Overview - Multiple data charts were provided, including import softwood pulp spot price, pulp futures price, pulp spot - futures price difference, etc., with data sources from Wind and Zhuochuang Information [14][16][18]

Industry Investment Rating - No information provided Core View - The supply and demand of live hogs are both increasing, but the supply growth rate is still relatively large, and the supply - demand situation is relatively loose. Spot prices are likely to remain weak in a volatile manner. Futures contracts 2511 and 2601 are mainly dragged down by the weak spot market and remain weak [7] Summary by Directory 1. Market Review and Operation Suggestions - **Futures Market**: On the 10th, the main 2601 live hog futures contract opened slightly lower, then rose and then fell, closing down. The highest price was 12,310 yuan/ton, the lowest was 12,130 yuan/ton, and the closing price was 12,140 yuan/ton, down 0.78% from the previous day. The total open interest of the index increased by 17,324 lots to 276,137 lots [6] - **Spot Market**: On the 10th, the average price of ternary hogs nationwide was 11.24 yuan/kg, down 0.22 yuan/kg from the previous day [6] - **Supply - side**: In September, the actual completion rate of supply - side slaughter was only 96.5%, and some slaughter will be postponed to October. The planned slaughter volume of sample enterprises in October increased by 5.14% compared with the actual slaughter volume in September. The slaughter weight increased seasonally. In the long term, the slaughter of live hogs is expected to maintain a slight increase until the first half of next year [7] - **Demand - side**: Currently, secondary fattening maintains sporadic replenishment. There is some replenishment demand due to low meat - making costs and declining pen utilization rates, and it has increased in some areas. Terminal demand lacks obvious positive support and has slightly declined after the festival. However, as the weather continues to cool, consumer demand may continue to rise. The orders of slaughtering enterprises have slightly increased, and the operating rate and slaughter volume have slightly increased, but the overall increase is limited. On October 10th, the slaughter volume of sample slaughtering enterprises was 154,500 heads, an increase of 11,800 heads from the previous day, a decrease of 15,000 heads week - on - week, and an increase of 7,000 heads month - on - month [7] 2. Industry News - As of October 9th, the average profit per self - breeding and self - raising live hog was - 77 yuan/head, a weekly decrease of 23 yuan/head; the average profit per live hog purchased with piglets was - 320 yuan/head, a weekly decrease of 13 yuan/head [8][10] 3. Data Overview - The average market sales price of 15kg piglets in the week of October 9th was 281 yuan/head, a decrease of 53 yuan/head from the previous week [19] - The price difference between 150 - kg fat hogs and standard hogs in the week of October 9th was 0.26 yuan/jin, a weekly increase of 0.1 yuan/jin [19] - As of the week of October 9th, the average slaughter weight of live hogs nationwide was 128.48 kg, a decrease of 0.07 kg from the previous week, a month - on - month decline of 0.05% [19]

供需失衡未有扭转 工业硅弱于多晶硅运行 请阅读正文后的声明 油） 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 硅）028-8663 0631 penghaozhou@ccb.ccbfutures.com 期货从业资格号：F3065843 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 021-60635727 fengzeren@ccb.ccbfutures.com 期货从业资格号：F03134307 行业 工业硅月报 日期 2025 年 10 月 10 日 能源化工研究团队 研究员:李捷,CFA（原油燃料 研究员：任俊弛（PTA/MEG） 研究员：彭浩洲（工业硅/多晶 研究员：彭婧霖（聚烯烃） 研究员：刘悠然（纸浆） 研究员：冯泽仁（玻 ...